Occasionally I use a post to vent a frustration or two. This is one of those occasions.
I love traveling this nation helping people become financially free and fund their dreams. It is my calling. It is AWESOME when I hear people say that they have become debt-free. It is even MORE AWESOME when someone tells me that they have been able to fire themselves from their J.O.B. and go do that “one thing” that they have been called to do. YES!
BUT … there is that occasional person who says, “This will not work for me. Living by a budget is too hard.” Hmmmmm. Let’s think through this. The person is stone broke. They don’t two nickels to rub together. But living by a budget is too hard.
I think living BROKE is too hard! The STRESS. The EMERGENCIES. The TEARS. It is just not worth it.
I’ll take my budget and its financial freedom.
Can I get a witness?!
I am praying and pleading that I have met the last person who will say to me, “If I get [insert item/monetary amount here], then I will be able to go do what I really want to do with my life.”
Are you kidding me? Life is too short to spend wishing and hoping. If you KNOW that you are called to do something, then get started today! You may not be able to do it full time right now, but you can at least do it part time and develop the skills necessary to take it to full time.
You want to start a business? Start doing the work part-time right now! You want to be a stay-at-home mom? Make the financial decisions necessary to at least work one less hour per day or one day less per week. You want to travel around the world? Start researching now on the Internet and save money to be prepared for the day that the dream WILL arrive!
STOP saying, “If I …”, and instead START saying, “I am ..” or “I will” or “When I”!
You CAN do what you are called to do. What can YOU do to get started toward it today?
Pardon me while I rant for a moment …
I encounter numerous people who believe that their financial situation is solely an income issue. In nearly every case, they are wrong.
For example, Eddy Curry is an NBA basketball player who has reportedly made $57,267,294 in his career and is being paid $11,276,863 this season alone. He is in financial trouble. According to THIS ARTICLE from the NY Daily News, Eddy has defaulted on a $570,000 loan with 85% interest. Read that again. A huge loan for 85% interest.
Call me crazy, but this is not the result of an income issue.
While Eddy’s situation is an extreme case, I know many people who make ordinary amounts of money who genuinely believe that the answer to their financial struggles is more money.
Two cases in point:
Individual lost job and is in the financial ditch
- They worked for 20 years and managed to save up exactly $0.
- They earned $25,000/year for 20 years – that is $500,000, yet they managed to save exactly $0.
- I wonder what their situation would have been if they had saved up $10,000 or $20,000 of that money over that 20 year period
- If one saved $19.23/week for 20 years, they would have $20,000 – with no interest growth!
- CONCLUSION: NOT an income issue. Definitely a planning/saving issue.
- SOLUTION: Make SAVING a top priority!
Individual makes good money, but has no extra money.
- Their non-house debt load is $600/month in payments (car, student loan, credit card, and furniture)
- If they eliminated the debt, it would equal about $800/month in a gross income pay raise!
- That is $9,600/year
- CONCLUSION: NOT an income issue. Definitely a planning/spending issue.
- SOLUTION: Plan every dime earned. Refuse to sign up for more debt starting immediately.
Here is how to win with what you have:
- PLAN every dime
- GIVE some
- SAVE some
- INVEST some
- SPEND some
If you have attended one of our Financial Learning Experiences or heard me speak somewhere, chances are pretty good that you have had heard me talk about IHHE Moments – I Have Had Enough Moments.
I Have Had Enough … of those who say, "I can't do this!"
I have spoken to or with tens of thousands of people regarding the topic of personal finances. Without fail from every single event, I have received the phone call, e-mail, or comment that basically says this:
That is easy for you to say. You have no debt. You have income. This will not work for me because of [insert situation here].
I have had enough! I do not want to hear it anymore! The FACT (regardless of how one feels about a situation) are that you CAN win with your money. You CAN become debt-free. You CAN save for retirement. You CAN own a house some day. You CAN pursue a dream.
To those who would say, "Joe, you have no debt." I would respond by asking them if they have ever read my book, I Was Broke. Now I'm Not.? I was up to my eyeballs in debt! While I pursued debt freedom, my wife had to have not one, but two major surgeries with huge deductibles that we had to pay. Since we have become debt-free, we have experienced to more surgeries, two failed heat pumps, a fixer-upper house, a failed transmission, and many other expenses. If we could endure this and become debt-free, so can you!
To those who would say, "Joe, you have income." This is true. My hero, Dave Ramsey, has said it many times. There is a good place to go when you are broke – to work – it is a sure-fired moneymaking scheme! I have always worked. Always. I might even be called a workaholic, but the fact is that I will not accept unemployment. I have spent the time and money to obtain an undergraduate degree. Once I earned a job in the workplace, I spent the time and money to obtain a graduate degree – all while working a full-time job, being a husband, and becoming a father for the first time. But I will tell you that I have worked jobs that were horrible too. I have cleaned confinement hog buildings and "maintained" the hogs (no further details here – but it was awful) – all for minimum wage. I have cleaned horse stalls and green broke race horses. I was trampled by one, stepped on a nail while climbing the fence, and scooped horse dung all day long – for a few cents more than minimum wage. I worked at Taco Bell. I worked in a smoking hot steel mill. If I could do this, so can you!
You CAN do this! No matter what your doubters say. No matter what your family says. No matter the frustrations of accomplishing it.
STOP saying you CAN'T do it, and START saying that you WILL do it.